Pakistan Economy

Pakistan’s economy is changing significantly thanks to SIFC.

Meher Kashif Younis, the Coordinator for the Minister of State and Federal Tax Ombudsman, emphasized on Sunday the remarkable transformation in Pakistan’s economic landscape, attributing it to the establishment of the Special Investment Facilitation Council (SIFC). This council has successfully played a pivotal role in attracting foreign direct investment (FDI), thereby reshaping the economic trajectory of the country.

Addressing a seminar titled “The Impact of SIFC on Pakistan Economy,” organized by the Gold Ring Economic Forum, a prominent strategic think tank, Younis highlighted the immense significance of the SIFC, particularly in fostering FDI. He emphasized that the SIFC has effectively engaged with various countries and remains fully committed to ensuring a consistent flow of investments into Pakistan.

Younis outlined the SIFC’s ambitious manifesto, aiming for foreign investment to reach $60 billion within five years and ultimately achieving a target of $100 billion. Stressing the importance of consistency in economic, fiscal, and trade policies, he advocated for close collaboration with both local and foreign stakeholders to create an environment conducive to attracting investments.

A positive development highlighted by Younis was the multi-billion dollar agreements signed by Saudi Arabia, the UAE, Kuwait, and Qatar for foreign direct investment. He expressed optimism that these agreements would contribute significantly to increased investment, with notable growth anticipated from January onwards.

The agreements with these countries span various sectors, including energy, port operations, wastewater treatment, food security, logistics, mining, and aviation. Younis pointed out that the response to SIFC has been tremendous, with promising prospects for enhanced economic collaboration.

Younis also mentioned that the International Finance Corporation (IFC), in collaboration with the Board of Investment (BoI), has introduced an ambitious investment plan aiming to inject over $1.5 billion into Pakistan’s economy through both short- and long-term initiatives.

Highlighting the reinforced economic partnership between China and Pakistan, Younis mentioned the signing of 20 agreements and memorandums of understanding under the Belt and Road Initiative (BRI) cooperation. Additionally, he indicated that countries such as France, Germany, and Korea have expressed interest in signing agreements related to the administrative control of power distribution companies in Pakistan.—APP.

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